Dubai has cemented its position as one of the world’s most dynamic wealth capitals, registering a remarkable 102% growth in resident millionaires over the past decade, according to the 2025 edition of the World’s Wealthiest Cities Report by Henley & Partners and New World Wealth.
The emirate has jumped three spots to 18th place in the global Top 50 ranking, making it the biggest climber in the latest report, a testament to its growing appeal among high-net-worth individuals (HNWIs) and global investors.
Dubai is now home to 81,200 millionaires, including 237 centi-millionaires, individuals with investable wealth of over $100 million, and 20 billionaires. This growth places the city ahead of global heavyweights such as Seoul and Geneva and in league with emerging Asian powerhouses like Shenzhen and Hangzhou, which also recorded triple-digit millionaire growth rates.
The report highlights Dubai’s rapid transformation into a global wealth magnet, driven by strategic economic reforms, a pro-business environment, and the absence of income and capital gains taxes. Its status as a lifestyle and investment destination has attracted entrepreneurs, investors, and family offices from Europe, Asia, and, increasingly, the United States.
“Dubai’s meteoric rise is no accident,” said the report’s authors. “It reflects long-term planning, investor-friendly policies, and a concerted effort to position the city as a nexus for global capital.”
Abu Dhabi also features prominently in the report, with 75 resident centi-millionaires and an 80% growth in its millionaire population over the past decade. Together, the UAE’s two leading cities are forecast to see their centi-millionaire populations more than double over the next ten years, reinforcing the country’s growing clout in global wealth circles.
While the United States continues to dominate the list, with New York topping the rankings and the Bay Area in second place, Dubai stands out as the top non-Western performer, ahead of cities like Paris, Toronto, and Melbourne.
The report further signals a global shift, with wealth increasingly concentrated in tech-driven cities and emerging markets. Alongside Dubai, cities like Bengaluru, West Palm Beach, and Scottsdale are also experiencing explosive growth, underscoring a broader decentralisation of wealth.
As the UAE continues to diversify its economy, expand its financial services sector, and attract talent through Golden Visas and business-friendly reforms, Dubai’s status as a global wealth hub appears only set to strengthen.
(Source: www.henleyglobal.com)